IRVINE, Calif.–(BUSINESS WIRE)–Crestmont Capital, a pacesetter in small enterprise lending, at the moment introduced it facilitated greater than $380 million in Paycheck Safety Program (PPP) loans. Since initiating PPP purposes on April 6, 2020, Crestmont Capital has offered entry to a monetary lifeline to greater than 10,000 small companies nationally.
Crestmont Capital was one of many first lenders within the nation to supply loans by way of the PPP to all small companies, with out requiring preexisting relationships. Consequently, the demand for stimulus funds was large, and general Crestmont Capital acquired greater than 25,000 purposes totaling mixture demand for greater than $1 billion in new loans. Over 90% of the PPP debtors had by no means acquired a loan by Crestmont Capital, thus enabling the corporate to broaden its nationwide attain and serve new companies
Gregory Keleshian, Chief Government Officer, mentioned, “Due to the depth and breadth of experience of our lending teams and the technological efficiencies in our lending platform, we were able to quickly reposition and adapt our business model to successfully participate in the PPP. We knew that as our borrowers and their communities were facing deep economic uncertainty, we could play a significant role in disbursing stimulus funds. The program was highly complex, yet our team made an exhausting effort to achieve the goal of supporting America’s businesses and ultimately, we were able to assist in delivering much needed PPP funds to businesses.”
Crestmont Capital has resumed all lending operations throughout the month of August after a pause in sure merchandise to evaluate the potential affect of the coronavirus. Origination volumes are anticipated to mirror and improve to a degree that’s corresponding to the identical interval of the earlier yr. Over 55% of the enterprise loans by greenback quantity that have been modified attributable to hardship from the pandemic have resumed funds, which bodes properly for the second half of the yr.
About Crestmont Capital
Crestmont Capital’s portfolio of loan merchandise and advisory providers provides small companies assets properly past these provided by conventional banks. The monetary analysts and consultants who make up the lending divisions of Crestmont Capital have assisted in facilitating the capital necessities for tens of 1000’s of small companies.
For extra details about Crestmont Capital, go to www.crestmontcapital.com.